Avid Buys 3-D Graphics Software Specialist Orad Hi-Tec Systems.
24 June 2015 - US-based video editing software provider Avid (NASDAQ: AVID) has closed its acquisition of German 3D real-time graphics, video servers, and related workflow management solutions provider Orad Hi-Tec Systems, the company said.
Under the terms of the deal, Avid paid EUR 5.67 (USD 65m) in cash for each share of Orad common stock, net of estimated cash acquired.
The company funded the transaction with the proceeds received from the recently announced sale of its convertible senior notes. Avid expects the transaction to be accretive on an adjusted EBITDA and cash flow basis.
Avid said that the Orad product lines are complementary to the Avid MediaCentral Platform, and allow the comapny to further deliver on its commitment to give media organisations and creative professionals more comprehensive workflows with greater choice, flexibility, and operational efficiency.
More than 600 customers worldwide currently rely on Orad's technology to produce graphics, live events, and sports broadcasts.
Avid plans to expand its portfolio and distribution network with Orad's comprehensive line of news, channel branding, sports production and enhancement, elections and special events, virtual studios, video walls, and virtual advertisement products.
Key Orad solutions are already integrated with products on the Avid MediaCentral Platform including graphics integrations with Avid iNEWS newsroom management and Media Composer, as well as video server support for ingest and playout with DNxHD. In the near future, customers should experience enhanced integration between more Avid and Orad solutions.
Tightly integrating Orad's products into the Avid MediaCentral Platform is intended to provide media organisations with a more comprehensive, efficient set of on-air graphics and live production capabilities.
Avid develops, markets, sells, and supports software and hardware for digital media content production, management, and distribution in the United States, the other Americas, Europe, the Middle East, Africa, and the Asia-Pacific.
The company's solutions include Pro Tools, Media Composer, ISIS, Interplay, and Sibelius.
Target: Orad Hi-Tec Systems
Deal size in USD: 65m
Type: Corporate Acquisition
Buyer advisor: , ,
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|Publication:||M & A Navigator|
|Date:||Jun 24, 2015|
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